Coinbase, the popular cryptocurrency exchange, has made an announcement that customers in the United Kingdom can now use Apple Pay on their iPhones to purchase Bitcoin, Ethereum, and other cryptocurrencies. The main objective behind this move is to enhance privacy and security during online transactions.
According to Coinbase, the integration of Apple Pay ensures that card numbers are not stored on the device or Apple systems, thereby enhancing consumer safety. These transactions are made possible through a unique encrypted device account number, which is securely protected on a standard chip, highlighting the company’s commitment to privacy and security.
Daniel Seifert, the UK Country Director of Coinbase, emphasized the convenience that this integration brings. Despite there already being over six million crypto holders in the UK, Coinbase aims to lower the barriers to entry to further expand this user base.
This integration comes at a time when the cryptocurrency market is experiencing a downturn, resulting in fewer transactions and less interest from regular investors. Nevertheless, Coinbase remains optimistic and sees this as an opportunity to leverage the popularity of Apple Pay to increase the accessibility of digital assets in the UK.
As the cryptocurrency market looks for new developments to stimulate growth, trading volume is currently decreasing. Coinbase acknowledged this trend on April 5th, stating that seasonal patterns often dampen interest in volatile assets like cryptocurrency.
However, the exchange remains hopeful and sees the upcoming Bitcoin halving as a chance to drive prices up. This outlook aligns with the market as a whole, which eagerly awaits developments that can reignite investor enthusiasm and trading activity.
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